how to start a SUCCESSFUL small business in 2024 🌷📦 the ULTIMATE guide, advice, everything i learned

Summary

The speaker shares their journey of starting a small business, emphasizing the importance of consistency, having a clear vision, and balancing planning with action. They discuss the challenges of launching a shop with a small initial success and the lessons learned, such as setting realistic expectations, offering affordable shipping, and considering digital products. The video also touches on the benefits of a content calendar and the importance of detaching from the performance of one's work to foster continuous growth and creativity.

Takeaways

• 😀 Consistency is key in growing a social media following and developing a unique style.
• 🔍 Having a clear vision for your business goals helps maintain motivation even when progress is slow.
• 🛠 Over-planning can lead to inaction; it's important to balance planning with actual steps towards your goals.
• 🎨 Developing a unique style from consistent creation can attract a following and build a brand.
• 🤔 It may be beneficial to keep business ideas and goals private until they are executed to avoid external pressure.
• ⏰ Setting a hard deadline for launching a business can create urgency and drive progress.
• 📦 Practical considerations such as shipping options and product variety can impact the success of a business launch.
• 📈 Starting with a broad range of products can increase the potential order total and customer satisfaction.
• 📝 Streamlining packaging processes is crucial for scalability and efficiency as the business grows.
• 📊 Keeping expectations moderate and learning from each business iteration can lead to steady growth.
• 📈 Considering digital products can reduce operational overhead and allow for more flexible business management.

Q & A

What was the initial motivation for the speaker to start a small business?

The speaker was inspired by watching others on YouTube who were packing hundreds of orders and wanted to start and grow their own small business.

Why did the speaker open a journaling account on Instagram during high school?

The speaker opened the account for fun and to create content, without any intention to sell anything initially, but started gaining a following which made them take it more seriously.

What was a significant mistake the speaker made with their Instagram account?

The speaker did not have a big picture idea for where the account was heading, which made it hard to stay motivated and continue posting despite having grown a substantial following.

What are the two main lessons the speaker learned from their early experiences with Instagram?

The first lesson is the importance of consistency, which not only pleases the algorithm but also helps in developing a unique style. The second lesson is the necessity of having a clear vision for one's goals, even at the beginning.

Why did the speaker hesitate to share their shop idea with others before executing it?

The speaker found that sharing their goals or plans with others before execution can create unnecessary pressure to perform well from the start, which can be demotivating.

What was the key moment that led to the actual launch of the speaker's shop?

The key moment was when the speaker set a hard deadline for opening their shop, which forced them to take action and make tangible progress.

What was the speaker's experience with their shop launch in terms of sales?

The speaker received around 30 orders and made around $600 in sales, which was a disappointment compared to their high expectations.

What practical lessons did the speaker learn from their shop launch experience?

The speaker learned to keep expectations moderate, offer cheaper shipping options, start with as many products as possible to increase the highest possible order total, and consider the platform for hosting the shop.

Why did the speaker consider offering untracked shipping options for their shop?

Untracked shipping options like letter mail can be much cheaper and more affordable for international orders, making the products more accessible to a global audience.

What is the speaker's current educational status and how does it affect their approach to their shop?

The speaker is a sophomore studying computer science and art at Carnegie Mellon University. This busy academic schedule has led them to consider digital products and to focus more on YouTube for their shop's promotion.

What advice does the speaker have for maintaining consistency and avoiding burnout when running a small business?

The speaker suggests using a content calendar to batch create posts and products in advance, and to detach emotionally from the performance of the work to avoid getting too attached to the outcomes.